The shareholders of a corporation are only liable for the amount of capital they have committed to invest in the company. If they have not paid in all their share capital and the corporation goes bankrupt, they may have to pay up the unpaid portion. The Members of an LLC are protected to the extent of their investment in the LLC, but if there are no managers of the LLC may bear legal responsibility for actions that the LLC has taken. Even if there are managers, the members may or may not have further liability for their actions or negligence.Warning: A shareholder or member who agrees to personally guarantee an obligation of a corporation or LLC cannot then try to say they have no liability for that obligation. Further, sometimes an LLC operating agreement removes the limitation of liability for one or more members of that LLC.